Colombia
Cash is still the most widely used payment method in Colombia, but credit and debit cards are becoming increasingly popular, especially for online purchases.
E-commerce purchases in Colombia are increasingly being paid for by card.
However, bank transfer and digital wallets are less popular, used for 16 percent and 13 percent of online checkouts, respectively.
In addition to credit/debit cards and bank transfer, cash-based payment methods are also popular in Colombia, such as Baloto and Nequi.
Top banks
According to recent statistics, cash is still the most widely used payment method in Colombia, with 42 percent of respondents to a questionnaire answering that they have paid in stores, restaurants, and other points of sale in the past 12 months with cash. Debit cards are also popular, with 25 percent of respondents answering that they have conducted payments online in the past 12 months with debit card. While e-wallet usage is still low, with 7 percent of respondents using e-wallet. As you have mentioned, in 2019, Colombia generated a total of 36 billion U.S. dollars in point-of-sale (POS) transactions, with an average value of 50 U.S. dollars of POS transactions. As for Naqui, it is a popular service in Colombia that allows users to buy tickets, pay electricity bills, make online purchases, and sell goods. If you are planning to stay in Colombia for a long time, it can be a convenient and safe option for managing your finances and making payments.
BBVA
BBVA Communications is a global team with a local touch, a team that cares about the accents of each geography. Our goal is to offer the best information about the Group, as well as helpful content on topics on which we have a voice. We believe in creating and disseminating our own content, because we want to communicate directly with the different stakeholders we focus on. For this purpose, we have assembled a broad team of communication professionals working from Argentina, Colombia, Spain, the United States, Mexico, Paraguay, Peru, Türkiye, Uruguay and Venezuela. With them, we are able to guarantee the quality of the content we publish on economy & finance, 'fintech', innovation and responsible banking. As our purpose says, we work to “bring the age of opportunity to everyone.” And today, many of these opportunities lay in the digital world. Here’s where we navigate, to share with you the best stories of our trip. Within BBVA’s digital transformation, thinking about the customer is the first of our values. And for us, you, the reader, are our customer. BBVA has been one of the forerunners of corporate journalism in the world. Innovation is one of our hallmarks. That is why, and because through bbva.com we want to reflect the trends linked to the world’s leading media companies, we invite you to browse through our website.
Scotiabank
Grupo Financiero Scotiabank Inverlat is a member of Scotiabank Group, a global financial services company, whose headquarters are in Toronto, Canada. Scotiabank is one of the leading financial institutions in North America and it is Canada's most international bank. It offers financial products and services to individuals, small and medium businesses, enterprises and to the government sector. With 671 branches (624 and 47 Bank Private Banking and Wealth) and 1,468 ATMs nationwide, Grupo Financiero Scotiabank Inverlat, offers a wide range of financial products and services, which include traditional banking, foreign exchange and markets to individuals, commercial and corporate clients.
BANCOLOMBIA
We are a leading Financial Group with more than 146 years of experience, evolving to meet the challenges of a constantly changing environment. Our actions are grounded in ethics and integrity as basic principles, with the purpose of promoting sustainable economic development for the well-being of all. We are a growing, profitable organization with almost 30,000 employees and present in Colombia, Panama, Guatemala and El Salvador. We have been listed on the New York Stock Exchange (NYSE) for 25 years, being the first Colombian financial institution listed on that market. We provide access to financial and non-financial solutions for individuals, entrepreneurs, SMEs, companies and institutions, while investing in educational, entrepreneurial and environmental initiatives that help generate positive transformations in society. We have permanent access to funding in the local and international capital markets.
Banco GNB Sudameris
Sudameris is a niche bank specializing in three main products: business loans, direct-debit loans, and treasury products. Commercial loans (to the SME and corporate sector) make up 53% of its portfolio, and consumer loans, the majority of them direct-debit loans, 47%. Sudameris owns the second largest network of automatic teller machines in Colombia, with more than 2,179 ATMs.
Banco de Bogotá
Banco de Bogotá has utilized FIS' deposits, savings, financial management and architecture to support its retail banking operations since 1988. Banco de Bogotá is the oldest commercial banking institution in Colombia, and operates through approximately 650 branches, five corporate service centers and a banking attention center in the country.
Banco Davivienda
With over 51 years of experience in the Colombian market, Davivienda offers a wide range of financial services to individuals, SMEs, and corporate customers. The bank currently serves over 23.9 million customers through a network of 671 branches and more than 2,847 ATMs.
Banco de Occidente
Banco de Occidente is a commercial bank based in Cali, Colombia. The bank offers savings account, current account, credit and debit card, insurance, personal loan, revolving credit line, leasing, equipment credit, exchange operations and foreign trade services.
Banco Popular Colombia
Banco Popular S.A. is a Colombian Public Limited (Liability) Company, of a private nature, with a history of more than 70 years in the financial market, throughout which it has been committed to providing financial support and accompaniment to all its clients to help them achieve their goals.
Top payment methods
Nequi
Nequi is a digital wallet and mobile banking service in Colombia. It allows users to store money in their digital wallet, make payments, and transfer money to other Nequi users.
To use Nequi, users must first download the Nequi app and register for an account. Once the account is created, users can add money to their digital wallet by making a transfer from their bank account or by depositing cash at a Nequi agent.
Once the money is in the digital wallet, users can use it to make payments to merchants that accept Nequi or to transfer money to other Nequi users. Users can also use Nequi to pay bills, top up their mobile phone credit, and make online purchases.
One of the key features of Nequi is its integration with Colombia's national ID system, meaning that users can easily verify their identity and open an account, even if they don't have a bank account.
Additionally, Nequi also supports QR code payments, which allows customers to make a payment using a QR code, making it easy for merchants to accept Nequi payments and for customers to make payments without the need to share personal information.
Baloto
Baloto is a convenient voucher system that allows customers to pay bills, send and collect money electronically. It can be paid at over 10,000 stores across Colombia. Boleto Flash is similar to Boleto Bancário but includes payment confirmation to the merchant in less than one hour. Customers can pay via online banking, at an ATM, participating bank branch or at 13,000 corner shops nationwide, and once payment confirmation has been received, the merchant ships the purchase.
PSE (Pagos Seguros en Línea) is an online payment system in Colombia that enables customers to make secure online payments using their bank accounts. PSE is supported by most of the banks in Colombia, and it allows customers to make payments for online purchases, utility bills, and other services.To use PSE, customers must have an online banking account with one of the banks that support PSE. Then, at the checkout of an online store, the customer selects PSE as the payment method and is redirected to their bank's website to complete the payment.The customer must then log in to their online banking account and authorize the payment. Once the payment is authorized, the customer is redirected back to the online store, and the purchase is completed. PSE is considered a secure way to make online payments in Colombia because customers are not required to share their credit or debit card information with the merchant, which reduces the risk of fraud. Additionally, PSE is also a convenient option for customers who don't have a credit or debit card.PSE is widely accepted among merchants, it is a popular and safe option for online purchases in Colombia.
Concluding remarks
Cash
Physical currency is still widely used in Colombia, and cash is commonly accepted in most stores and businesses.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted credit and debit cards in Colombia. However, not all businesses accept cards and some may have a minimum purchase amount for card transactions.
Mobile payments
Mobile payments are becoming increasingly popular in Colombia, with apps like PSE, Baloto, and Efecty allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Colombia, particularly Bitcoin.
Debit card
Debit card usage is common in Colombia, as they are connected to a bank account, and it is widely used to withdraw cash from ATMs.
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About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
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